News

“Investors from New York and Philadelphia are starting to look toward the Lehigh Valley as a means to obtain higher yields where demographics continue to improve, and development is picking up,” says Marcus & Millichap's Daniel Bernard.

“The borrower has more than 40 years of real estate development, acquisition, disposition, and management expertise,” says Hunt's Greg Cazel.

Kensington Development and IM Properties revealed a roster of new tenants, plans for a multifamily component and a new name for the 26-acre property, Sawmill Station, located at the southeast quadrant of Dempster Street and Waukegan Road.

The Downtown Revitalization Initiative competition for $10 million to go to one municipality in each region of the state is open through May 31, 2019.

CNL Healthcare Properties was the seller of the four inpatient rehabilitation facilities.

In connection with the deal, Vornado also reports that Haim Chera, 50, has left the family-owned Crown Acquisitions to join Vornado as its EVP- head of retail.

The offering provides “an open canvas to developers for a multi-year phased development plan with a goal to jumpstart and stimulate redevelopment in the city's Urban Core,” the city states.

The mixed-use development will include 232 five-star hotel rooms, luxury for-sale residential units, approximately 10,000 square feet of retail space and a 368-space parking garage. Both the hotel and the for-sale residential units will be branded and operated by Four Seasons Hotels and Resorts.